The air source heat pump market is projected to expand considerably by 2028 owing to prominent demand for energy-efficient heating systems across the globe.

The air source heat pump is an energy-efficient heating system that takes the warmth from the air outside and moves it indoors. Technological advancements to develop durable heat pumps that can withstand extreme weather conditions like winter storms have augmented product uptake in recent years.

Furthermore, key industry players are focusing on product development to cater to prevalent consumer demands, which has positively impacted the overall business scenario. For instance, in March 2021, Vaillant Group, a leading HVAC solutions provider, added new products to its range of heat pumps for large scale projects viz., aroTHERM perform, an air-water split heat pump, and geoTHERM perform, which is a brine-water heat pump. Both heat pumps have been designed for use in major new building and remodeling projects in both residential and commercial sectors.

The air source heat pump market has been segmented based on application, product, and region. With respect to application, the market has further been bifurcated into commercial, residential, and residential by product. Under residential, the market has been segregated into multi house apartments and single family house.

The single family house segment is projected to witness robust growth over the analysis period owing to the growing population in Asia Pacific countries. Moreover, increased purchasing power of consumers is likely to boost segmental adoption in the coming years. The multi house apartments segment is anticipated to amass considerable gains through 2028 on account of soaring investment towards the development of residential building infrastructure.

The residential by product segment has been divided into room heat pump and domestic hot water heat pump. The domestic hot water heat pump segment is slated to gain significant traction over the assessment period. Integration of the domestic hot water heat pump with solar heating input to provide better durability in tropical countries across the Asia Pacific and Latin America regions is slated to drive segmental growth.

The room heat pump segment is estimated to observe optimistic growth over the review period. Low heating demand along with lesser input source cost are likely to catalyze segmental demand in the coming years.

The commercial segment has been classified into healthcare, offices, education, retail, logistics & transportation, hospitality, and others. The education segment is expected to progress at a steady CAGR through the forecast period. The affordability, low space requirement, and low maintenance of air source heat pumps are likely to propel product uptake in educational settings over the following years.

The healthcare segment is estimated to garner substantial gains by 2028 attributable to the mounting hot water and space heating demand as well as the need for effective air circulation in healthcare systems. The retail segment is set to expand at a robust pace over the study timeline driven by the low space requirement of air source heat pumps.

From the regional perspective, the Middle East & Africa air source heat market is speculated to see significant growth over the projected timeframe. Surging consumer awareness pertaining to carbon emissions, coupled with rising disposable incomes of consumers in MEA, is set to fuel regional market expansion in the future.

The Latin America air source heat market is foreseen to exhibit notable growth over the estimated period owing to attractive product features of air source heat pumps, such as low input cost, low maintenance, and universal application.